- Cardano developers launched a new node version for the mainnet earlier today.
- ADA’s price continues to struggle after the SEC labelled it as a security.
- At press time, the altcoin was trading at $0.2582 after a 0.26% loss over the past 24 hours.
Cardano (ADA) developers released a new node version on the mainnet earlier today and invited Staking Pool Operators (SPOs) to upgrade to the release. The release of version 8.1.1 may be the catalyst that will ignite ADA’s recovery, as the crypto faced a major setback with the United States Securities and Exchange Commission (SEC) classifying it as a “security”.
This decision by the SEC had led to a significant drop in ADA’s price, and the altcoin has been facing difficulties in recovering its losses since the start of this month. However, the new version of Node 8.1.1 could be just what the project needed to revive its price somewhat.
A well-known Cardano diehard and Twitter user, Rick McCracken DIGI, shared some details about version 8.1.1 in a tweet yesterday. According to the post, the update “improves node performance at the epoch boundary and corrects previous concerns with P2P/DNS”. In addition to this, “it also contains all the performance improvements from 8.0.0”.
Meanwhile, ADA was one of the many cryptocurrencies that suffered a loss over the past day of trading. The altcoin was trading hands at $0.2582 after a slight 0.26% price decrease. This ended up dragging its weekly performance even deeper into the red zone to -8.36%.
Meanwhile, ADA’s 24-hour trading volume saw a 26.92% increase. As a result, its volume stood at around $158 million at press time. Since reaching its all-time high (ATH) of $3.10 in September of 2021, the crypto’s price has slipped by over 91%.
Daily chart for ADA/USDT (Source: TradingView)
From a technical perspective, the price of ADA experienced a decline from $0.3793 on June 5, 2023 to its level at press time. This represented a decrease of approximately 31.7% between June 5 and today.
The closest barrier for ADA’s price is the 10-day Exponential Moving Average (EMA), which is currently at $0.2726. Should ADA’s price initiate its recovery, the next target for the altcoin will be the $0.3537 level, which previously provided support throughout May this year.
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